2026 年 01 月 04 日 看好 相关研究 《华为 2026 会反转吗？智谱和 minimax 对比研究！——计算机行业周报 20251222-20251226》 2025/12/27 《字节豆包 1.8 重磅发布！壁仞提交港股 招股书! -- 计算机行业周报 20251215- 20251219》 2025/12/20 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 徐平平 A0230525080002 xupp@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A0230525100001 chenqh@swsresearch.com 罗宇琦 A0230124070004 luoyq@swsresearch.com ...

Core Insights - The article discusses the simultaneous IPO applications of two leading AI companies, MiniMax and Zhiyu AI, highlighting the competitive landscape and financial challenges within the AI industry [4][6]. Company Overview - MiniMax, founded in early 2022, has raised over $1.5 billion and holds approximately $1.1 billion in cash, while Zhiyu AI, with a different operational focus, submitted its IPO application just 48 hours earlier [4][6]. - MiniMax focuses on multi-modal models and AI-native products, while Zhiyu AI emphasizes a foundational model and open-source ecosystem [7][9]. Financial Performance - MiniMax reported a loss of $269 million in 2023, projected to increase to $465 million in 2024, and has already incurred a loss of $512 million in the first nine months of 2025, totaling $1.32 billion in cumulative losses [11]. - Zhiyu AI's losses are also significant, with a reported loss of 788 million yuan in 2023, escalating to 2.958 billion yuan in 2024, and 2.358 billion yuan in the first half of 2025, leading to over 6.2 billion yuan in cumulative losses [11]. Industry Challenges - The AI industry faces high operational costs, particularly in research and development, with MiniMax's R&D expenses exceeding 2000% of its revenue at one point, and Zhiyu AI having over 70% of its workforce in R&D [13]. - The rising costs of AI deployment and the uneven distribution of benefits between developers and cloud service providers pose significant challenges to the ecosystem [10]. Market Dynamics - The IPOs of MiniMax and Zhiyu AI are expected to provide a benchmark for valuation in the AI sector, which has struggled with unclear profit models and declining investment in the primary market [14]. - The transition from "storytelling" to "proving commercial value" is anticipated to reshape the industry, with a focus on scalable business scenarios rather than just technological advancements [16]. Future Outlook - The AI industry is at a crossroads, needing to balance cost reduction and efficiency improvements while seeking sustainable commercialization paths [18]. - The upcoming year is seen as pivotal for AI applications, with potential market consolidation and a shift towards efficiency as a competitive advantage [19].

美团、蚂蚁、腾讯、雷军、联想都投了。 全球首个大模型IPO，要在中国诞生了。 12月19日晚间，北京大模型企业智谱披露港交所聆讯后资料集，中金公司担任独家保荐人。 *公众号后台回复"智谱"获取完整招股书。 这意味着，港股与全球AI即将迎来"大模型第一股"。 作为大模型"六小虎"中首家启动IPO的企业，智谱上市进程将为长期缺乏公开市场估值参照的大模型行业，提供可量化的市盈率、市销率等估值锚点，填 补此前"无公开标的"的行业空白。 从全球竞争格局看，智谱的上市将使中国AI企业首次在资本市场节奏上领先于OpenAI、Anthropic等美国巨头，标志着中国大模型产业从"技术竞赛"进 入"资本验证"的新阶段。 自2019年成立以来，智谱融资8轮，累计筹资超83亿元，IPO前估值已达243.8亿元。背后明星资本云集，吸引了高瓴资本、启明创投、君联资本等知名机 构，以及美团、腾讯、小米、蚂蚁等互联网巨头。仅在2024年12月以来的半年内，智谱就密集完成了超50亿元人民币的融资。 | | 天使輪融资 | A輪融资 | B1輪磁资 | B2輪 酸 | B3輪磁资 | B4输费资 | B5帕磁资 | B6輪避资 | | --- ...